PRC: Accountants Should Embrace Digital and Tech Skills

Today’s era has completely shown that technology can go hand in hand with the workforce. All thanks to the willingness of the people to adapt to artificial intelligence and other emerging technologies, business processes were streamlined. Looking at the accounting industry in the Philippines, it’s clear that technology and software play a significant role in efficiency and productivity. Even the Professional Regulatory Commission (PRC) said that accountants should embrace digital and tech skills. Those are already clear indications of the…

Accounting Tips for Ecommerce Businesses and Online Payments

When it comes to businesses that recently became an e-commerce, online payments are unexplored territory. Don’t worry, start making your accounting tasks for your ecommerce business smooth sailing with these simple tips.   Tip #1: Choose an accounting software As an ecommerce business owner, accounting software is essential in tracking online transactions, making it easier for your bookkeeping tasks. Accounting software will also let your records stay up to date as well as accessible anywhere you go.   Get one…

What SME Businesses Need to Know About the New Tax Amnesty Act of 2019

Republic Act No. 11213, otherwise known as the Tax Amnesty Act of 2019 provides tax amnesty on delinquencies as well as estate tax amnesty. Since we prepared this article to show what’s in it for SME businesses, allow us to focus exclusively on tax amnesty on delinquencies. In a nutshell, through such amnesty which covers all national internal revenue taxes, businesses with long overdue tax liabilities will finally be given a clean slate. This is because the taxes previously deemed…

How to Avoid Unwanted Tax Season Trouble

Tax time is mandatory, and no one is above it. Every year, businesses in the Philippines are required to submit tax returns to the Bureau of Internal Revenue (BIR). Filing taxes enable them to know if they owe additional taxes or eligible for tax returns. For those who don’t pay their taxes, it’s against the law to do so. In the Philippines, tax evasion cases, once proven guilty, can lead to a fine between ranging from ₱30,000 to ₱100,000, different…

SEC PRFS for Small Businesses – Simplified

Already existing in the Philippines as early as 2005, the Philippine Financial Reporting Standards (PFRS) helps businesses in terms of business decision making, data comparisons, and increase in accuracy on financial statements. PFRS was adapted from the International Financial Reporting Standards (IFRS) for the country to have a standard when it comes to financial reporting practices. Ever since the existence of PFRS, businesses registered with the Securities and Exchange Commission (SEC) are required to integrate PFRS and use it as…

How to Streamline Your Bookkeeping for Efficiency

Bookkeeping is both important and time-consuming. For small business owners, entering expenses on books takes so much of their time and focus that should be allocated to other pressing business matters. Unfortunately, bookkeeping is an integral part of a business. It helps in monitoring expenses as well as serves as a record when it’s time to pay taxes. One wrong declaration of costs can already lead to fees and legal trouble. So, what should be done to avoid errors in…

JCSN Accounting Recognized by Xero as Bronze Partner

June 7, 2019 Paranaque City, Metro Manila – JCSN Accounting Services has been recognized by Xero as a certified Bronze Partner. Xero is a public software company that offers a cloud-based accounting software platform for small and medium-sized businesses. Xero is among the top accounting and bookkeeping software by businesses across New Zealand, Australia, the United Kingdom, the United States, Canada, Asia, Africa and the Philippines. The Xero Partner program is a certification and recognition that commends accounting firms for…

Common Accounting Mistakes and How to Avoid Them Completely

As business owners, there are many things you can’t control. Although that’s the case, there are also things you need to take control of, and one of those things is accounting. Accounting mistakes, whether small, big, or accumulated, can destroy your business from the inside. A simple miscomputation can be detrimental for the business. Accounting mistakes can happen to any business or entrepreneur. Check out this list of common accounting mistakes and how to avoid them completely.   Personal and…

Starting a Startup in the Philippines: Financial Management Tips

Working on opening a startup is different from changing careers. Its difference with traditional businesses is that startups are technology oriented with high growth potential. It’s more of a journey that will force you to become better and learn how to manage your finances for you work alone or with a small team to make the business grow. Due to the startup’s nature of scaling at a fast pace, you need to get in control of the cash flow from…